Is safemoon safe?

What Is SafeMoon?

One of the more recent cryptocurrencies to enter the market in 2021 was Safemoon. A community-driven approach to decentralized financial systems, this cryptocurrency initiative. According to Utah Business, the coin had more than 2.9 million owners by January 2022 after its first debut in the first quarter of 2021. Over 562 trillion coins are reportedly in circulation, according to CoinMarketCap. The coin's creators sought to guarantee "safe" earnings and avert inevitable bubbles.

The creators of the Safemoon cryptocurrency have a long-term outlook for the currency's growth. Over time, holders accrue passive incentives, and selling is deterred by penalties.

Is It Safe?

It's reasonable to worry if a newer coin is secure given the excitement around it. Safemoon raises issues for several analysts. Safemoon is not an active project like some other crypto ones. Even if the project intends to create a non-fungible token exchange and currency launchpad, its primary goal at this time appears to be to increase demand and raise prices.

If the wallet is used more frequently, it can see an increase in buyers. By Oct. 1, 2021, more than 100,000 Android users had downloaded the wallet from Google Play, according to BSC News, but as of Sept. 22, 2022, more than a year later, it doesn't seem to have achieved 200,000 downloads.